camberwell development site sells for $5,500,000

camberwell development site sells for $5,500,000

August 2017
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Camberwell Development Site Sells For $5,500,000

A Toorak Road development site of 1,700 sq m with over 36 metres of frontage to Toorak Road has sold prior to auction for $5.5 million.

The two adjoining residential properties located at 1059-1061 Toorak Road, Camberwell are zoned General Residential 5 and have potential to deliver a premium, luxury residential project in a blue-chip eastern suburbs location.

Savills Melbourne director; Nick Peden sold the property with colleagues Jesse Radisich, Julian Heatherich and Benson Zhou. The buyer was a Chinese developer who plans on a luxury apartment project.

Nick Peden said “The sale ($2.75 million per block) represents a 16% premium on the single house block sale of 1065 Toorak Road in June 2017 for $2.361 million at auction by a local residential agent, and demonstrates how the Savills international buyer reach creates premium prices for their clients.”

“We had very strong interest in this property throughout the sale campaign and the vendors are delighted with the sale result.”

It is located close to extensive retail precincts including Hartwell Retail Village, Tooronga Shopping Centre and Camberwell Junction. The surrounding area has ample parks, educational facilities and public transport options.

Jesse Radisich said, “This sale result is a very strong representation of the market for well-located residential development sites.”

Savills said that the population of the suburb of Camberwell is expected to grow by 31% over the next 25 years.

Camberwell is located 9.5 km from the centre of Melbourne within the City of Boroondara and is situated between Hawthorn, Glen Iris and Balwyn.

Supported by a high media house price of $2.295 million, Camberwell is a highly sought after luxury apartment location.

To find out more about this campaign; click here: